Yahoo Finance Meet the founder of Sibstar — the banking app for families suffering from dementia
In this week’s Founder Profile, we meet Jayne Sibley, co-founder of Sibstar, a mobile app and debit card for people with dementia.
If you’ve ever found yourself caring for a loved one with dementia, you might know how difficult the diagnosis can be.
Especially when it comes to learning how to manage their finances, which in entrepreneur Jayne Sibley’s case, can also take a toll on your own.
Sibley, 49, founded Sibstar — a mobile app and debit card for people with dementia — in 2020 with her husband while caring for her parents, who were both diagnosed with the disease.
It launched in 2023, in partnership with Mastercard and the Alzheimer’s Society, and now helps “hundreds of families” across the UK manage their financial situations carefully.
The concept allows family members to safely manage everyday spending by appointing a ‘supporter’ on the app who can upload, pause and ultimately control the pre-loaded balance on the account holder’s behalf (that is, of course, upon a security check approval).
Since appearing on Dragon’s Den and winning £125,000 earlier this year, Sibley even tells me user numbers have boomed.
And, with the number of people in the UK diagnosed with dementia ticking closer to the 1m mark, the founder seems confident that the growing interest won’t be slowing down anytime soon.
Spotting the opportunity
From constantly losing envelopes of cash to buying unnecessary cleaning products and unaffordable appliances, the types of money-related issues that can arise among dementia sufferers seems never ending.
“Me and my brother cared for mum and dad for a long time, and it was through them – and particularly mum’s willingness to spend the life savings – that we came up with the idea,” Sibley says.
As we continue to chat about the hidden challenges of the diagnosis, however, one thing becomes clear – having to manage both yours and your parents’ finances is far from easy.
“It’s not just the person living with dementia, it’s a knock-on effect on the family. So when I cared for my dad, I gave up work, I had young kids, that affected my financial status and my mental wellbeing – there’s all these costs to it but it’s just a huge ripple effect,” Sibley says.
“And of course, if people are spending their life savings, then the only person who is going to pick up the bill at the end of the day for those high levels of care is the government.”
Who can use Sibstar?
Sibley is quick to say that “the minute you take away someone’s financial independence, you take away their independence,” which leads me to question how Sibstar – an app that seems to do just that – has become so popular.
Turns out, Sibstar — which costs £4.99 a month — offers families much more than the average banking app — and anyone can use it.
Whether you are in the early stages of your diagnosis (and still capable of cautiously managing your own money) or simply planning ahead to have a dual-managed account with your child as a precaution, Sibstar applications are open to everyone.
“What essentially we’ve developed is a financial product that can be tailored and personalised to the changing needs of people living with dementia.”
Jayne Sibley
The app’s functionalities have also been built to hold “deeper meanings” than the average practical acts of controlling someone’s money.
“Every time the card is used, a real-time notification is sent to your caregiver’s phone saying where the card is used and how much they’ve spent and that’s a really lovely way of keeping an eye on your loved one without being overly interfering, which families find really difficult sometimes,” Sibley says.
“It’s also a great conversation starter [when] people can’t always remember what they’ve done during the day.”
The importance of collaboration
Sibley laughs as she says she doesn’t have a background in banking or payments, but the entrepreneur seems to have things covered when it comes to branding and marketing.
Having spent over two decades working in the brand and marketing industry, Sibley knew that finding some big-name brands to collaborate with from the start would be Sibstar’s key to success.
“Literally the first moment we wrote this idea down on a piece of paper was to the Alzheimer’s Society Accelerator Programme,” Sibley says.
“That opened the doors to Mastercard, and then when you say you’re partnered with Mastercard and the Alzheimer’s Society, people start taking your calls.”
What’s next?
In 2021, a John Hopkins University study found that financial problems can be an early sign of dementia in older adults, with some showing signs up to six years before diagnosis.
Could Sibstar help play a role in detecting dementia at an earlier stage?
“For us as a business, we will eventually sit on a huge wealth of data that has been gathered from people living with dementia,” Sibley says.
“This is quite ambitious, and definitely for the long-term, but wouldn’t it be amazing if we were able to use that to inform early diagnosis of dementia at some point in the future?”
CV
Name: Jayne Sibley
Company: Sibstar
Founded: 2020
Staff: 8
Title: Co-founder and CEO
Age: 49
Born: Portsmouth
Lives: Winchester, UK
Studied: Marketing/Marketing Management at University of Plymouth
Talents: Yoga teacher, Mum and I make a great spaghetti Bolognese
Motto: Onwards and upwards!
Most known for: Surviving Dragon’s Den!
First ambition: Winning a BAFTA
Favourite book: The Choice by Edith Eger
Best piece of advice: You never make a bad decision because every decision you make ultimately moves you forward (even if that’s not in the way you imagined!) My Dad.
